PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
125
43. SALARIES AND EMPLOYEE BENEFITS
This account consists of the following:
For the 6-month For the 6-month
For the 2-month For the 4-month
period ended period ended
period ended period ended
June 30, 2004 June 30, 2003
June 30, 2003 April 30, 2003
Salaries, wages, pension and tax allowance Note 44 626,306
539,020 154,165
384,855 Holidays THR, leave and related entitlements
150,587 167,984
94,216 73,768
Employee benefits in kind 60,810
52,072 23,830
28,242 Training and development
42,095 22,135
14,906 7,229
Provision for post-employment benefit expenses Note 30
31,567 -
- -
Compensation expense on stock options Note 35 9,896
- -
- Bonuses and others
238,525 148,749
12,392 136,357
1,159,786 929,960
299,509 630,451
Total gross salaries, allowances and bonuses of the Boards of Directors and Commissioners, and Executive Officers amounted to Rp65,653, Rp13,813 and Rp17,487, for the six-month period ended
June 30, 2004, two-month period ended June 30, 2003, and the four-month period ended April 30, 2003, respectively.
Details for the six-month period ended June 30, 2004 are as follows: Number of
Members Officers
Salary Allowances
Bonuses Total
Board of Commissioners 7
2,362 56
7,840 10,258
Board of Directors 9
7,420 1,447
20,760 29,627
Audit Committee 2
319 -
272 591
Senior Executive Vice-Presidents SEVP
2 3,338
76 4,409
7,823 Group Heads and Advisors
of Directors 37
6,968 4,162
6,224 17,354
57 20,407
5,741 39,505
65,653
Details for the two-month period ended June 30, 2003 are as follows: Number of
Members Officers
Salary Allowances
Bonuses Total
Board of Commissioners 4
410 127
- 537
Board of Directors 8
4,171 294
- 4,465
Audit Committee
2 76
- -
76 Senior Executive
Vice-Presidents SEVP
5 1,874
96 -
1,970 Group Heads and Advisors
of Directors
33 4,568
1,181 1,016
6,765
52 11,099
1,698 1,016
13,813
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
126
43. SALARIES AND EMPLOYEE BENEFITS continued
Details for the four-month period ended April 30, 2003 are as follows: Number of
Members Officers
Salary Allowances
Bonuses Total
Board of Commissioners 4
614 110
- 724
Board of Directors 8
1,284 645
- 1,929
Audit Committee
3 153
- -
153 Senior Executive
Vice-Presidents SEVP
5 4,607
60 -
4,667 Group Heads and Advisors
of Directors 33
5,018 1,240
3,756 10,014
53 11,676
2,055 3,756
17,487 44. PENSION AND SEVERANCE
Under the Bank’s policy, in addition to salaries, the employees are entitled to allowances and benefits, such as: holiday allowance THR, pre-retirement MBT allowance, medical reimbursements, death
allowance, leave allowance, functional allowance for certain levels, pension plan for permanent employees, incentives based on employee’s and the Bank’s performance, and post-employment benefits
based on the prevailing Labor Law. Pension Plan
Bank Mandiri has five pension plans in the form of Employer Pension Plans as follows: a. One defined contribution pension plan, Dana Pensiun Pemberi Kerja-Program Pensiun Iuran Pasti
DPPK-PPIP or the Bank Mandiri Pension Plan Dana Pensiun Bank Mandiri DPBM established on August 1, 1999. The DPBM’s regulation was legalized based on the decision letter of the
Minister of Finance of the Republic of Indonesia No. KEP300KM.0171999 dated July 14, 1999 and was included in the Addendum to the State Gazette of the Republic of Indonesia No. 62 dated
August 3, 1999 and Bank Mandiri’s Directors’ Resolution No. 004KEP.DIR1999 dated April 26, 1999.
Bank Mandiri and the employees contribute 10 and 5 of the Base Pension Plan Employee
Income, respectively. The President Director and the members of the Supervisory Board of DPBM are active employees
of Bank Mandiri; therefore, in substance Bank Mandiri has control over DPBM. As a consequence, transactions between DPBM and Bank Mandiri are considered related party transactions. DPBM
invests some of its financial resources in Bank Mandiri time deposits, which balances as of June 30, 2004 and 2003, and April 30, 2003 were RpNil, Rp66,200 and Rp101,100, respectively. The
interest rates on these time deposits are similar to those of arms-length transactions. The Bank paid pension contributions totaling Rp43,939, Rp12,114 and Rp26,586 for the six-month
period ended June 30, 2004, two-month period ended June 30, 2003, and the four-month period ended April 30, 2003, respectively.
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
127
44. PENSION AND SEVERANCE continued
